Financial reporting and accounting advisory services
You trust your external auditor to deliver not only a high-quality, independent audit of your financial statements but to provide a range of support, including assessing material risks, evaluating internal controls and raising awareness around new and amended accounting standards.
Accounting Standards for Private Enterprises
Get the clear financial picture you need with the accounting standards team at Grant Thornton LLP. Our experts have extensive experience with private enterprises of all sizes in all industries, an in-depth knowledge of today’s accounting standards, and are directly involved in the standard-setting process.
International Financial Reporting Standards
Whether you are already using IFRS or considering a transition to this global framework, Grant Thornton LLP’s accounting standards team is here to help.
Accounting Standards for Not-for-Profit Organizations
From small, community organizations to large, national charities, you can count on Grant Thornton LLP’s accounting standards team for in-depth knowledge and trusted advice.
Public Sector Accounting Standards
Working for a public-sector organization comes with a unique set of requirements for accounting and financial reporting. Grant Thornton LLP’s accounting standards team has the practical, public-sector experience and in-depth knowledge you need.
Tax planning and compliance
Whether you are a private or public organization, your goal is to manage the critical aspects of tax compliance, and achieve the most effective results. At Grant Thornton, we focus on delivering relevant advice, and providing an integrated planning approach to help you fulfill compliance obligations.
Research & development, government incentives
Are you developing innovative processes or products, undertaking experimentation or solving technological problems? If so, you may qualify to claim SR&ED tax credits. This Canadian federal government initiative is designed to encourage and support innovation in Canada. Our R&D professionals are a highly-trained, diverse team of practitioners that are engineers, scientists and specialized accountants.
Keeping track of changes and developments in GST/HST, Quebec sales tax and other provincial sales taxes across Canada, can be a full-time job. The consequences for failing to adequately manage your organization’s sales tax obligations can be significant - from assessments, to forgone recoveries and cash flow implications, to customer or reputational risk.
Global mobility services
In today’s competitive and global marketplace, your employee mobility strategy is a critical factor for success. International opportunities are key to attracting top talent and instilling a global mindset across your organization. Your people truly are your most valuable asset, and as your expatriate workforce continues to grow, a seamless global mobility program is essential to achieving your overall business goals.
US corporate tax
The United States has a very complex and regulated tax environment, that may undergo significant changes. Cross-border tax issues could become even more challenging for Canadian businesses looking for growth and prosperity in the biggest economy in the world.
US personal tax
Whether your business is only beginning to sell to US customers, or US customers represent the core of your business, anticipating and dealing knowledgeably with the US tax environment is critical to your bottom line. Our full-service US corporate tax group can help in all tax aspects of doing business in the US. Given high US corporate tax rates, don't be surprised by a US tax liability only to find out that there were planning opportunities available to reduce it.
While there is great opportunity for businesses looking to expand globally, organizations are under increasing tax scrutiny. Regardless of your company’s size and level of international involvement—whether you’re working abroad, investing, buying and selling, borrowing or manufacturing—doing business beyond Canada’s borders comes with its fair share of tax risks.
Transfer pricing is a complex area of corporate taxation that is concerned with the intra-group pricing of goods, services, intangibles, and financial instruments. Transfer pricing has become a critical governance issue for companies, tax authorities and policy makers, and represents a principal risk area for multinationals.
Succession & estate planning
Like many private business owners today, you’ve spent your career building and running your business successfully. Now you’re faced with deciding on a successor—a successor who may or may not want your direct involvement and share your vision.
Tax Reporting & Advisory
The financial and tax reporting obligations of public markets and global tax authorities take significant resources and investment to manage. This requires calculating global tax provision estimates under US GAAP, IFRS, and other frameworks, and reconciling this reporting with tax compliance obligations.
Our transactions group takes a client-centric, integrated approach, focused on helping you make and implement the best financial strategies. We offer meaningful, actionable and holistic advice to allow you to create value, manage risks and seize opportunities. It’s what we do best: help great organizations like yours grow and thrive.
We bring a wide range of services to both individuals and businesses – including shareholders, executives, directors, lenders, creditors and other advisors who are dealing with a corporation experiencing financial challenges.
Market-driven expertise in investigation, dispute resolution and digital forensics
Viruses. Phishing. Malware infections. Malpractice by employees. Espionage. Data ransom and theft. Fraud. Cybercrime is now a leading risk to all businesses.
Running a business is challenging and you need advice you can rely on at anytime you need it. Our team dives deep into your issues, looking holistically at your organization to understand your people, processes, and systems needs at the root of your pain points. The intersection of these three things is critical to develop the solutions you need today.
Updates for creditors, limited partners, investors and shareholders.
Builders And Developers
Every real estate project starts with a vision. We help builders and developers solidify that vision, transform it into reality, and create value.
Rental Property Owners And Occupiers
In today’s economic climate, it’s more important than ever to have a strong advisory partner on your side.
Real Estate Service Providers
Your company plays a key role in the success of landlords, investors and owners, but who is doing the same for you?
There’s no business quite like mining. It’s volatile, risky and complex – but the potential pay-off is huge. You’re not afraid of a challenge: the key is finding the right balance between risk and reward. Whether you’re a junior prospector, a senior producer, or somewhere in between, we’ll work with you to explore, discover and extract value at every stage of the mining process.
Oil & gas
The oil and gas industry is facing many complex challenges, beyond the price of oil. These include environmental issues, access to markets, growing competition from alternative energy sources and international markets, and a rapidly changing regulatory landscape, to name but a few.
On March 28, 2018, Finance Minister Charles Sousa tabled Ontario’s 2018-19 budget. As a result of the province’s strong economic performance over the 2017-18 fiscal year, the government has announced through this budget that it has achieved its target of fiscal balance for the year. While previously it was projected that the province’s Liberal government would present balanced budgets over the next two fiscal years, recent policy changes have indicated that the government intends to make large strategic investments in infrastructure and social programs with the goal of creating conditions for a more robust economic expansion.
Notable investments include the expansion of the OHIP+ (free prescription) program so that it applies to people aged 65 and above commencing August 2019, as well as investing $2.2 billion over three years to provide free, licensed child care, beginning in 2020, to children aged 30 months and above.
In acknowledging that the newly projected deficits in 2018-19 and 2019-20 deviate from the government’s previous indications that it would provide balanced budgets in those years, a new fiscal recovery plan has been provided outlining that the province intends to return to fiscal balance in 2024-25.
Fiscal results are projected as follows:
Ontario’s net debt as a percentage of its GDP reached a peak of 39.3% in the 2014-15 fiscal year and has declined to 37.1% for the 2017-18 fiscal year. Over the next three fiscal years it is projected that this percentage will hover around 38% (remaining below the 2014-15 peak) and will begin decreasing again as of the 2022-23 fiscal year.
Ontario Research and Development Tax Credit (ORDTC)
To address a decline in research & development (R&D) expenditures in recent years, the 2018 provincial budget proposes to expand the application of the ORDTC. This expansion targets large businesses in particular by providing an enhanced 5.5% non-refundable tax credit on eligible R&D expenditures over $1 million in a taxation year. In effect, this provides a 2% enhancement over the existing 3.5% non-refundable tax credit on eligible R&D expenditures and will become effective for relevant expenditures incurred on or after March 28, 2018.
It has been noted that this enhancement will not be available to businesses whose eligible R&D expenditures in a given taxation year are less than 90% of eligible expenditures in the prior taxation year.
In the case that a business’s taxation year straddles March 28, 2018, the enhanced ORDTC will be pro-rated.
Ontario Innovation Tax Credit (OITC)
Effective for eligible R&D expenditures incurred on or after March 28, 2018, the 2018 provincial budget has proposed that the OITC be enhanced.
In the case that a company qualifies for the OITC, this enhancement will apply in the following manner depending on the company’s ratio of R&D expenditures to gross revenues:
|Ratio of R&D expenditures to gross revenues||OITC rate|
|10% or less||8%|
|Between 10% and 20%||Enhanced rate that would increase on a straight-line basis from 8% to 12% as the company's ratio increases from 10% to 20%|
|20% or more||12%|
It is worth noting that the values used in the ratio of R&D expenditures to gross revenues must be attributable to Ontario operations.
In the case that a business’s taxation year straddles March 28, 2018, the enhanced OITC will be pro-rated.
Commercialization of intellectual property
The 2018 provincial budget has announced that the government of Ontario will be reviewing the effectiveness and feasibility of implementing tax incentives such as patent boxes (i.e. preferential CIT rates), refunds of taxes paid, tax deductions and exemptions to develop an incentive plan to assist the province in retaining the economic and social benefits obtained from intellectual property developed within Ontario.
Ontario Interactive Digital Media Tax Credit
The 2018 provincial budget has proposed that eligibility for the Ontario Interactive Digital Media Tax Credit be extended to include film and television websites purchased or licensed by a broadcaster and embedded in the broadcaster’s website. This amendment would apply specifically to websites hosting eligible content, where the content has not received either a certificate of eligibility or letter of ineligibility prior to November 1, 2017.
Download the full 2018 Ontario Budget Summary to learn more [ 115 kb ]